Private Condo Resale Prices Dip for First Time in 2026 as Transaction Volume Rises 3.4% in March

The three sub-markets showed divergent trends in March. Resale prices in the Rest of Central Region (RCR), which represents mid-tier private homes, fell 1.2 per cent month-on-month. The Outside Central Region (OCR), representing mass-market suburban condos, saw a milder decline of 0.5 per cent. In contrast, the Core Central Region (CCR), home to prime district luxury properties, bucked the trend with a 0.4 per cent price increase.

Analysts pointed out that the recent wave of new launch projects, including several executive condominiums in both the OCR and CCR, may have drawn some demand away from the resale market. As new condo prices continue to rise, some resale sellers may be emboldened to ask for higher prices, but buyers with limited budgets are likely gravitating toward larger units in the resale market where transaction prices per square foot tend to be lower.

March transaction volume of 944 units represented a 3.4 per cent increase from February’s 913 units. The rebound is partly seasonal, as February volumes tend to be suppressed by the Lunar New Year holiday period. February itself had seen a strong 17 per cent bounce from January, and the March figures suggest transactions are normalising back to typical levels.

New launches have been driving housing market activity upward, with some demand for resale units potentially diverted by the strong new launch pipeline. However, the resale market remains relevant for buyers seeking immediate occupancy, larger floor plans at lower psf prices, and established neighbourhoods with mature amenities.

Among the notable resale transactions in March, a unit at Le Nouvel Ardmore on Ardmore Park in District 10 changed hands for S$19.5 million, making it the highest-priced resale condo deal of the month. In the OCR, the highest transaction came from The Gazania, where a unit changed hands for S$4.2 million.

Mass-market condos continued to dominate resale activity, with transactions in the OCR accounting for 49 per cent of total volume. Mid-tier RCR properties made up 32.3 per cent, while high-end CCR condos contributed 18.8 per cent of resale deals.

99.co chief data officer Luqman Hakim noted that after years of historically low transaction volumes, the resale market could see 13,000 to 14,000 transactions in 2026, reflecting steady underlying demand from buyers priced out of the new launch market or seeking immediate occupation.

On one hand, new condo supply continues to increase, but analysts have noted that the market for resale executive condominiums remains resilient because many new EC buyers are first-time homeowners with limited budgets who will eventually look to upgrade. On the other hand, not a few groups of resale flat upgraders will be looking to make the leap to private property, and they may seek out resale condos that offer better value per square foot than new launches.

Wang Mengyue, head of research at the Singapore office of a major property consultancy, projected that resale and new launch prices may continue to see a second consecutive quarter of moderate growth, and the resale market could see 13,000 to 14,000 transactions this year, reflecting the market’s stable underlying demand.